Cibil Score Drop 40 points
- Thread starter Tanveer
- Start date
Have you applied for multiple loans in recent times?
This drop is usually temporary (~6 months). Would advice you to not apply for any more loans, credit cards for another 6 months, you will see a rise in your score in no time
Which app are you trying? Some apps say something like this because they are not able to find the real reason.
Enquiries = Number of loans you have applied for. I haven't seen 40 points drop because of enquiries, but if it's because of that, like Shavir said, it'll automatically go up in 6 months if you don't apply for loans and cards.
However, just check whether there's something else that's problematic in your report. Sometimes reports have errors because of a gap in bureau and lender data. If there's any EMI that is showing as late payment, but you paid on time, go to the lender and report it.
Enquiries = Number of loans you have applied for. I haven't seen 40 points drop because of enquiries, but if it's because of that, like Shavir said, it'll automatically go up in 6 months if you don't apply for loans and cards.
However, just check whether there's something else that's problematic in your report. Sometimes reports have errors because of a gap in bureau and lender data. If there's any EMI that is showing as late payment, but you paid on time, go to the lender and report it.
thanks
one score app
3 enquiries are showing from credit card related
Happens. Experian sends a mail to your email ID every time OneScore pulls your report. You should check that report once too. See if there's anything you don't recognise.
If everything's fine, don't worry, might just be some weird edge-case which will be fixed automatically next month.
Did you recently take a loan or card?
Prince
KF Mentor
The sudden huge spending compared to the previous month is also one of the reasons for the sharp decline in score, apart from queries, such as Last month there was a expense of Rs 10K, Bill 10K, but this month there is spend of Rs 60K, bill of 10K. Then also a sharp decline in score is reported, which will eventully average out in terms of % as per your spending.
